Weiss also says he’s been buying the stock over the past few days, at an average price of $55.60, approximately.

And yes, Weiss is bullish even though Joy Global’s stock has lost 27 percent year-to-date and is currently off 40 percent from its highs in February.

The stock took a big hit late last month after Joy Global warned of troubles ahead due to weaker energy demand and a shift by U.S. power companies to natural gas. But during the same earnings announcement, Joy Global said net income jumped almost 32% as shipments increased.

And with that kind of earnings power, Weiss thinks the stock is simply too cheap.

“I covered my steel shorts and initiated this long position in this name . I think it’s a quality company at a low multiple.”

Posted by CNBC's Lee Brodie

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